Car Imports Decline Last Month

Car Imports Decline Last Month
Car Imports Decline Last Month

Latest statistics show the number of cars imported to Iran in the month ending Aug. 22 has decreased by 50%, compared with the same period of last year.

Recently, Iran's Customs Administration reported trade statistics for the period. The report states that 3,584 cars worth over $81 million were imported, Sedaye Eghtesad website reports. Compared with the same period of last year, the number and net worth of imported cars dropped by 50% and 40.27% respectively, as 7,186 vehicles worth over $137 million entered the country.

The report states that fewer cars were imported during the first five months of the Iranian year (started March 21), year-on-year.

While 17,778 vehicles entered the country during this period, the number shows a 51% decline, as 36,422 vehicles were imported in the corresponding period of last year.

This year, the net worth of imported vehicles was $420 million, suggesting a 43% decrease compared to last year's $748 million.

The decline in imports may be due to the reluctance of prospective car buyers, as they look forward to the entry of new foreign models after the lifting of sanctions in early 2016.

Many buyers are hoping for a decrease in the value of the US dollar and a subsequent fall in the price of imported vehicles.